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By Emman Ovuakporie
Disappointed by the fact that the Nigeria Sovereign Investment Authority (NSIA), has deliberately refused to submit its annual estimates to the House of Representatives, the Finance Committee has vowed to withhold the agency’s 2022 Budget allocation.
TheNewsGuru.com, (TNG) reports the Chairman House committee on Finance, James Faleke gave the warning in Abuja during the commencement of the budget defence of the Office of Accountant General of the Federation and Fiscal Responsibility Commission.
Faleke said the the committee had spoken to the managing director of NSIA and the ministry of Finance about the illegality of the agency not submitting their budget to the National Assembly for approval but they are relying on its law which states that its board have the power to approve its budget.
According to him, we have spoken to the MD. We have advised him that it is purely against the constitution. We have spoken to the minister of Finance that it is purely against the constitution and the Minister of Finance is never ever in support of it, that the agency must present their budget. Unfortunately, the agency is relying on its law which says that its board shall approve its budget.
“I’ve told the agency that the law whether made in error or even rightly is not superior to the constitution of the Federal Republic of Nigeria”.
“We’re using this opportunity to inform the agency that if they fail to present their budget, there will be no appropriation for that agency this year 2022. We’ll make it clear and we’re making it very clear. The Accountant General is here. We’ll write to you”, he said.
To this end, Faleke ruled that “there will be no disbursement of funds from any of our Federation account to the agency.